Bitso review reveals pros and cons of the platform
Bitso exchange review
The way to success of first Bitcoin exchanges is challenging but it is worth the efforts taken – they reap the biggest harvest with time. On the one hand, it is rather difficult to be the first in certain sphere but on the other you do not have rivals and can get the biggest customer base in comparison with similar companies that will come after you. Bitso was the first currency exchange on the Mexican market that appeared in 2014. Its founders are three crypto enthusiasts who had some experience in the sphere before. They raised funds for Bitso ICO via fundraising. The offering of peso/BTC exchange brought to the market by Bitso exchange was unique. However, soon the management of the company revealed their ambitions to go beyond the local market. They targeted countries of Latin America – a very prospective market for holders of crypto business.
Nowadays, the list of supported Bitso coins includes BTC, LTC, XRP, BCH. The customer base has grown up considerably in 2017. It had 25,000 users. In three months the number of clients has reached 60,000. The trading volume also increased greatly. At the moment Bitso has the largest trading volume in Latin America, though it is not that large as at some US crypto venues. The site is available in Spanish and English.
The site is rather friendly for beginning users. If you just start investing, you can find many educational tips on how to do it efficiently.
Bitso security is on the highest level. In the period when many cryptocurrency sites are hacked, the platform remains intact. There were some episodes of delays in work but they were urgently removed by the support team. Bitso wallet has multi-signature feature that protects your assets, or, to be more particular, this is BitGo wallet as the platform partners with BitGo tp provide this feature.
It is worth mentioning that BTC are stored in a cold wallet. That means that there is no online access to funds, consequently, hackers are not able to steal the money. Following KYC (Know Your Customer) standards, the site requires verification procedure. There are three levels of verification. Depending upon it, the person can withdraw certain amount of money.
Bitso fees vary depending upon the trading volume. The platform wanted to introduce limited orders. The users like the fact that they can deposit money directly from the bank account.
Bitso exchange also cared about mobile users offering Android and iOS apps for them.
Bitso API makes work with the site very convenient.
Those who trade Ripple, will find everything necessary for it at the exchange.
The site can also offer a referral program for those who want to have an additional source of income. The one should pass Bitso verification procedure before using the referral program.
The platform has some drawbacks as well such as insufficient graphics and instrument for technical analysis. The one can find only basic features for trading without additional functionality such as stop limit and stop loss features. The site serves the needs of Mexicans for the most part as all prices are announced in peso. The platform does not offer margin trading as some other exchanges do. Not all users are satisfied with an assortment. The customers would like to have more virtual coins at the exchange.
The site has a help ticket option enabling each user apply to support at any time. The answer is promised within 24-48 hours. Still not all are satisfied with timely response of site representatives.
If transactions with Mexican fiat money suit you, start registration procedure at the exchange. However, you can use other exchanges as well such as: